Hands Off the Economy
Why do people think that the President controls the economy? Congress can pass tax cuts and the Federal Reserve’s Open Market Committee can change interest rates – both of which can have large and somewhat predictable results of the nation’s economy. But the President of the United States has no such power, which makes comments like today’s so odd. According to the Associated Press “President Bush assured Americans Tuesday that his administration has a steady hand on the economy.” Not only does the Administration not have “a steady hand” on the economy, it shouldn’t even if it were possible. I trust the President is familiar with nations where the executive has kept a guiding hand on the economy; they didn’t work out so well.